DEBBIE BOYES, Director at Fleur Lettings, answers this question from a Landlord…
The first question is always a difficult one to answer! You need to carefully consider the “what happens if” issues, and the potential loss of a friend if something goes wrong!
We recently had a Landlord who rented to a relative at a reduced rent because they only intended to be in the property for 6 months. Some 18 months later, the relatives were still paying a reduced rent and they hadn’t even looked after the property very well. Our Landlords were left with the sticky problem of needing to move their relatives out of the property, and it sadly caused some bad feeling between the parties.
Looking at your second question this is much easier one to answer – Yes! Absolutely!
If you do decide to go down this route, then you need to treat your friend or relative as you would any other Tenant – as in the eyes of the law they are simply a Tenant, regardless of their relationship to you. You still need to follow all the laws and provide all the formal documentation etc at the correct time in order to protect you, your investment and indeed, your Tenant.
Having a great Letting Agent in place to mitigate any problems is a very good idea!
Our Lettings Manager, Mandie Thake, describes Fleur’s position beautifully. “We act as the Glass Screen between the Landlords and their Tenants.”
If you need help with this, or any other area of renting out your property, please contact the friendly and knowledgeable Team at Fleur Lettings on 01202 001080.
Fleur Lettings… worth every petal!
T. 01202 001080